An unknown entity executed a sophisticated $120 million money laundering operation this week, triggering a dramatic spike in Monero (XMR) prices. The activity began Thursday when an address received 120.2 million USDT on the Tron network.
The perpetrator immediately fragmented the capital, routing significant portions into Monero, a privacy-focused cryptocurrency designed to obscure transaction trails. These aggressive buy orders overwhelmed thin market liquidity, propelling XMR from approximately $330 to an intraday high of $438. The token settled near $382 by Friday, marking an 8% daily gain.
Onchain investigator ZachXBT mapped the remaining fund dispersal. Over $12 million flowed into KuCoin exchange deposits, while $8 million moved through instant swap services that bypass identity verification. An additional $8 million crossed chains via Near Intents, landing on Bitcoin and Ethereum networks to further obfuscate the trail.
Tether intervened decisively, freezing $72 million in USDT linked to the suspect addresses. This action renders the tokens immobile and uncashable. While the original source of the funds remains unidentified, the rapid cycling through privacy coins, cross-chain bridges, and non-KYC swaps exhibits classic hallmarks of illicit finance.